Seafood Preparation in Canada - Industry Market Research Report

Feeling shellfish: Mounting disposable income and the consumer confidence index will likely benefit the industry going forward

The Seafood Preparation industry in Canada has undergone a volatile performance in line with fluctuating macroeconomic conditions. Seafood products tend to be more expensive than other sources of animal protein, which means that consumers are more likely to choose alternative sources of protein when economic conditions are unfavourable. During the pandemic business disruptions and depleted consumer confidence significantly eroded industry revenue. This pitfall was offset by the economic recovery in 2021, as the industry rode the rising tide of improving macroeconomic conditions. Industry revenue has been rising an annualized 0.6% over the past five years and is expected to reach to $8.4 billion in 2023. Revenue is expected to rise 4.0% in 2023 alone as profit reaches 5.5%. Overall, the industry has benefited from expansions in per capita disposable income and relatively high red meat prices, making seafood more affordable.

The industry is involved in canning, smoking, salting, drying, freezing and packing fish and shellfish. Industry operators also eviscerate fish (remove parts from fish), shuck shellfish (remove their shells) and process fish and shellfish fats and oils. This industry also includes floating factory ships, also known as fish processing vessels, which are engaged in shipboard seafood processing. The term seafood processing is used to describe these activities as a whole.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.